For the fourth month in a row, Pennsylvania’s betting handle exceeded $300m.
According to figures from the Pennsylvania Gaming Control Board (PGCB) sportsbooks in the state processed $329.8m in bets in February, $294.1m of which was wagered online.
Despite exceeding $300m, February’s handle represented a drop on the $348.4m wagered in January.
The state’s sportsbooks managed to generate $10.8m in revenue last month, but $6.7m of this came from promotional credits meaning taxable revenue amounted to $4.1m. Looking at the state’s taxable sports betting revenue, online betting generated $4.1m in revenue while land-based sportsbooks accounted for $628,524 in revenue.
Breaking down the figures
Looking closer at the figures, FanDuel Sportsbook was the most popular sportsbook in the state after bettors wagered $138.5m, 42% of the state’s total betting handle, with the online sportsbook. FanDuel’s land-based partner, which operates the sportsbook at Valley Forge Casino, processed $2.5m in sports bets. In terms of revenue, the licensee managed to generate $2.7m in February from online and land-based betting.
Meadows, which is partnered with DraftKings, processed $73.8m in sports wagers. Although betting handle was lower than Valley Forge and FanDuel, Meadow’s and DraftKings’ generated a combined revenue of $3.4m, making it the market leader in terms of revenue.
Rush Street Interactive, which operates Rivers Philadelphia and Rivers Pittsburgh in partnership with Kambi, came in third place with a combined $56.8m in betting handle and $2.7m in revenue.
The Kambi-powered sportsbook at Parx Casino processed $25.7m in sports wagers, with $19.9m being wagered through its online platform. In terms of revenue, Parx and its online partner generated $1.3m from sports wagering.
Sports betting in Pennsylvania
Since its launch, Pennsylvania’s betting market has seen tremendous growth and shows no signs of slowing down. In just over half a year of online wagering, Pennsylvania sportsbooks appear to be mirroring the success seen by the New Jersey sports betting market.
Although the figures posted so far are incredibly positive, the state’s tax rate of 36% still poses an issue for operators hoping to maximize profits.
There are currently 10 land-based and seven online sportsbooks operating in the Keystone State.
Mobile and online sports betting officially went live in Pennsylvania in May 2019, when SugarHouse Casino launched its online betting platform, PlaySugarHouse.
Currently, Pennsylvania bettors have access to a handful of online betting options, which include Unibet, DraftKings, FanDuel, SugarHouse, Rivers, Parx and Fox Bet.